Creates Task Force on PERS Reform to study approaches to reforming Public Employees Retirement System and report to committee or interim committee of Legislative Assembly no later than October 1, 2014.]
Sunsets task force on date of convening of 2015 regular session of Legislative Assembly.]
Directs Public Employees Retirement Board to report to Legislative Assembly at least once every five years on impact of changes in cost of living on purchasing power of pensions.
Directs board to adopt actuarial equivalency factor tables for computing money match benefit for certain members of system. Directs board to use annual interest rate based on rates published by Pension Benefit Guaranty Corporation in adopting tables.
Directs board to recalculate employer contribution rates to reflect savings attributable to Act.
Provides for expedited review by Supreme Court upon petition by adversely affected party.
Declares emergency, effective on passage.